The S&P 500 will try to continue its winning streak into the new week, currently at nine consecutive days, the longest since 2004. Hopes of de-escalation in the trade war between China and the U.S. buoyed the markets last week, and Wall Street will be looking for signs of further progress on that front. 

The highlight of the week will be the Federal Open Market Committee’s monetary policy meeting on May 6-7. While the FOMC is expected to leave the federal-funds rate unchanged on Wednesday, Fed Chair Jerome Powell’s press conference will be must-see TV. Powell, the target of much criticism from the White House, has been preaching patience as the Fed seeks more clarity on the effect of President Donald Trump’s tariff policy.

On the earnings front, about 90 S&P 500 companies are slated to report. Palantir Technologies and Vertex Pharmaceuticals announce results on Monday; AMD, Arista Networks, and Electronic Arts release earnings on Tuesday; Uber Technologies and Walt Disney do the same on Wednesday; ConocoPhillips, Match Group, and Monster Beverage report their earnings on Thursday.

Economic data releases include the ISM’s Services PMI on Monday and the NY Fed’s Survey of Consumer Expectations on Thursday.

Monday 5/5

Ares Management, BioNTech, Clorox, Coterra Energy, CRH, Cummins, Diamondback Energy, Ford Motor, Henry Schein, Loews, ON Semiconductor, Palantir, Realty Income, Tyson Foods, Vertex Pharmaceuticals, Williams Cos., and Zimmer Biomet Holdings announce earnings.

The Institute for Supply Management releases its Services Purchasing Managers’ Index for April. Consensus estimate is for a 50.3 reading, slightly less than in March.

Tuesday 5/6

AMD, American Electric Power, Archer-Daniels-Midland, Arista, Assurant, Ball Corp., Brookfield Asset Management, Constellation Energy, Corpay, Coupang, Datadog, Devon Energy, Duke Energy, EA, Energy Transfer, Expand Energy, Ferrari, Fidelity National Information Services, Gartner, Gen Digital, Global Payments, International Flavors & Fragrances, Iqvia Holdings, Jack Henry & Associates, Jacobs Solutions, Leidos Holdings, Marathon Petroleum, Marriott International, Mosaic, TransDigm Group, Waters Corp., WEC Energy Group, Wynn Resorts, and Zoetis report quarterly results.

Wednesday 5/7

APA, Arm Holdings, Atmos Energy, Axon Enterprise, Barrick Gold, Bio-Techne, Bunge Global, Carvana, CDW, Cencora, CF Industries Holdings, Charles River Laboratories, Corteva, Dayforce, DoorDash, Emerson Electric, Fortinet, Johnson Controls International, MarketAxess Holdings, NiSource, Novo Nordisk, Occidental Petroleum, Paycom Software, Rockwell Automation, Skyworks Solutions, Texas Pacific Land, Trimble, Uber, Verisk Analytics, Vistra, and Disney release earnings.

The Federal Open Market Committee announces its monetary policy decision. The FOMC is widely expected to keep the federal-funds rate unchanged at 4.25% to 4.5%. The focus will be on Powell and how he addresses the Fed’s dual mandate. With the labor market still solid and inflation running ahead of the Fed’s 2% target, even before any potential tariff-related pressure, the central bank has been content to take a wait-and-see approach.

Thursday 5/8

Akamai Technologies, Alliant Energy, Anheuser-Busch InBev, Brookfield, Cheniere Energy, ConocoPhillips, EPAM Systems, Evergy, Expedia Group, Federal Realty Investment Trust, Insulet, Kenvue, Match Group, McKesson, Microchip Technology, Molson Coors Beverage, Monster Beverage, News Corp, Paramount Global, Sempra, Shopify, Solventum, Tapestry, TKO Group Holding, Viatris, and Warner Bros. Discovery announce quarterly results.

The Bank of England announces its monetary policy decision. Traders are pricing in a 95% chance that the BoE will cut its key short-term interest rate by a quarter of a percentage point to 4.25%.

The Federal Reserve Bank of New York releases its Survey of Consumer Expectations for April. Consumers’ expectations for the year-ahead inflation was 3.58% in March, the highest reading since September 2023.

Friday 5/9

Enbridge and Plains All American Pipeline report earnings.